Welcome to our dedicated page for GE Aerospace news (Ticker: GE), a resource for investors and traders seeking the latest updates and insights on GE Aerospace stock.
GE Aerospace, a segment of General Electric Company (NYSE: GE), is a global leader in the design, manufacture, and service of aircraft engines. Founded in 1892 and headquartered in Boston, GE has a rich history tied to American inventor Thomas Edison. While GE operates in multiple industries including power, renewable energy, digital industry, and additive manufacturing, GE Aerospace remains its core business.
With nearly 70,000 commercial and military engines installed worldwide, GE Aerospace generates significant revenue from the recurring service and maintenance of these engines. The company's partnership with Safran in their CFM joint venture further solidifies its leadership in aerospace propulsion.
Recent achievements for GE Aerospace include significant deals and technological advancements. Notably, GE Aerospace retained its portfolio of intellectual property related to aerospace and defense technologies after a definitive agreement with Dolby Laboratories to acquire GE Licensing. This acquisition, valued at $429 million and expected to close by the end of fiscal year 2024, highlights GE Aerospace's focus on its core aerospace and defense markets.
In another major development, GE Vernova's Onshore Wind business, a part of GE's power and renewable energy segment, announced a landmark deal with Pattern Energy. This deal involves the supply of 674 wind turbines for the SunZia Wind project, set to be the largest wind project in the Western Hemisphere. This project is a testament to GE's commitment to renewable energy and showcases its ability to deliver large-scale, high-efficiency projects.
Moreover, GE Aerospace continues to innovate with products like the 3.6-154 wind turbine, which incorporates advanced AI-trained blade manufacturing processes. This turbine is built to meet U.S. market needs and is part of GE's strategy to drive quality and reliability across its fleet.
Financially, GE Aerospace is robust, leveraging its longstanding expertise and extensive global network to maintain a strong market position. The company's continuous investments in technology, such as the new manufacturing assembly line for its Onshore Wind business in Schenectady, New York, reflect its commitment to enhancing American manufacturing and supporting climate change goals.
GE Aerospace's mission to define the future of flight and bring innovative solutions to the aerospace and defense sectors is backed by its substantial workforce of 52,000 employees globally. The company's operations aim to provide affordable, reliable, sustainable, and secure energy solutions, reinforcing its leadership in the industry.
GE HealthCare reported a strong financial performance for Q1 2023, with revenues of $4.7 billion, an 8% increase year-over-year. Organic revenue growth reached 12%, significantly aided by improved supply chain fulfillment. Net income attributable to the company was $372 million, a decline from $389 million in Q1 2022. Diluted EPS fell to $0.41 from $0.86 in the previous year, primarily due to a noncontrolling interest redemption. However, Adjusted EBIT rose to $664 million, reflecting an increase in operational efficiency, while cash flow from operations remained steady at $468 million.
The board declared a dividend of $0.03 per share, and the company maintains its organic revenue growth guidance for 2023 between 5% to 7%.
GE Aerospace has entered a four-year Global Performance-Based Logistics agreement with Lockheed Martin to maintain and overhaul avionics and electrical power systems on the F-35 Lightning II globally. This initiative aims to enhance the reliability and readiness of the expanding F-35 fleet while making operations more affordable. Under this agreement, GE will provide services from multiple locations across California, Georgia, Utah, and various sites in Michigan, New York, and the United Kingdom. GE Aerospace has been a key player in supporting F-35 systems, including the electrical power management and aircraft memory systems.
GE Aerospace has entered a three-year agreement with AJW Group to provide support for avionics and electrical power systems on B777, B737, and A320/30/40 aircraft. This collaboration aims to address the increasing demands from MRO customers and will be effective this year across Europe, the Middle East, and Africa (EMEA). GE's selection was based on their superior turnaround time and repair capability. Key systems included in the deal are Electrical Load Management Systems, Flight Management Systems, and Data Control Display Units. The service will be conducted at GE's facility in Cheltenham, UK.
GE Renewable Energy’s Grid Solutions unit has secured HVDC contracts valued at approximately 10 billion euros as part of a consortium with Sembcorp Marine and McDermott. These projects are part of TenneT's 2GW Program aimed at connecting 40 GW of offshore wind farms in the North Sea. The initiatives will enhance Europe's energy security and contribute to achieving climate neutrality by 2050. The agreements are based on a five-year framework with potential extensions, highlighting GE’s advanced Voltage-Sourced Converter technology. This marks a significant milestone in the development of renewable energy infrastructure in Europe.
GE and Svante have announced a joint development agreement to innovate solid sorbent technologies for carbon capture in natural gas power generation. This collaboration supports GE's investment in Svante's $318 million Series E fundraising round, completed in December 2022. GE’s goal is to lead the energy transition, aiming to provide sustainable and reliable electricity, leveraging its extensive experience in the energy sector. Svante's advanced filters can capture CO2 from various industrial processes and are applicable to 85% of the carbon capture market. This partnership is expected to enhance the decarbonization efforts of natural gas-fired turbines.
GE announced the addition of two new directors to its Board: Darren McDew, retired General from the U.S. Air Force, and Jessica Uhl, former CFO of Shell plc. McDew brings 36 years of military leadership experience, while Uhl has over 20 years in the energy sector. They will enhance GE’s expertise in aerospace and energy as the company prepares to launch GE Aerospace and GE Vernova as independent entities. Retiring directors Francisco D’Souza and Leslie Seidman completed 10 and 5 years, respectively. Their departure marks a significant transition as GE strengthens its financial and operational foundations.
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